S. Korean farmers’ income falls 3.4 pct in 2022
SEOUL, May 18– South Korean farmers’ average income fell last year owing to a sharp fall in farming income, statistical office data showed on Thursday. Non-farming income increased 7.4 percent to 19.2 million won in 2022, while transfer income grew 2.9 percent to 15.25 million won. The average assets, owned by farming households, went up 5.3 percent to 616.47…
SEOUL, May 18 (Xinhua) — South Korean farmers’ average income fell last year owing to a sharp fall in farming income, statistical office data showed on Thursday.
The annual average income of farming households came in at 46.15 million won (34,600 U.S. dollars) in 2022, down 3.4 percent from the previous year, according to Statistics Korea.
Their farming income tumbled 26.8 percent to 9.49 million won (7,120 dollars) last year on the back of lower prices for rice and livestock products, in addition to larger expenditures for fertilizer, feed, lighting and heating.
The farming income marked the fastest reduction since relevant data began to be compiled in 1962.
Non-farming income increased 7.4 percent to 19.2 million won (14,400 dollars) in 2022, while transfer income grew 2.9 percent to 15.25 million won (11,430 dollars).
The average expenditure of farming households added 0.6 percent over the year to 35.7 million won (26,770 dollars) in 2022.
The average assets, owned by farming households, went up 5.3 percent to 616.47 million won (462,230 dollars) last year, but their average debts reduced 4.3 percent to 35.02 million won (26,260 dollars).
Meanwhile, the average income of fishing households rose 1.0 percent to 52.91 million won (39,670 dollars) in 2022.
The fishing income gained 5.3 percent to 20.72 million won (15,540 dollars), but non-fishing income declined 11.4 percent to 12.69 million won (9,510 dollars).
The average expenditure of fishing households was almost unchanged at 32.12 million won (24,080 dollars).
The average assets, possessed by fishermen, rose 1.8 percent to 510.67 million won (382,900 dollars), but their average debts retreated 7.2 percent to 59.78 million won (44,820 dollars). Enditem
